Stock Trading Software

Because I’m the owner of StockJumper, a big message board on the Internet, people ask me about many topics every day. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?” Many subscribers want to know what broker to use, what kind of computer, how many monitors etc., etc.

I figured I would answer a few of these questions in a public form so hopefully I wont have to answer them repeatedly.

Brokers: There are only one or two stock software that I really feel that I can strongly back: MBTrading or cybertrader pro, with a strong personal bias for MBTrading. I really only prefer MBTrading because it was what I started with. Make sure you remember we’re talking about daytrading, if you are a non-intraday investor there are different tools that will be better for you. The major things you need to look for is speed of execution and customer service when you’re choosing a provider for daytrading. Commissions are really not as important as you would think. Since the market for brokerage is so competitive there is little differance in costs, and where there is additional cost there is additional benifit. Having a trade go through slowly, or even worse incorrectly, can end up costing you hundreds of dollars in time and money compared to the slight additional cost of choosing the right broker.

For a long time I’ve been telling people that when you attempt to trade stocks intraday with software that isn’t fast and simple is like trying to win a marathon as a person with no limbs. Be cautious also of people who make recommendations of their own discount broker. Many are given incentives to have their friends sign up and I’ve heard of people making more money that way then in stocks. It’s easy enough to say that the differences between programs in major.

Quotes and Data Feed: Certain brokers that you choose will require that you provide your own live data feed. The easiest (and probably best) thing to do in that situation is find out what the broker recommends. It’s likely that they have had experience with a lot of different data feeds and know what works best with their system. No matter what service you get, two things you need need need is Level II quotes for both the NASDAQ and Dow stock exchanges.

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